With an aim to reach 500 million Know Your Customer (KYC) wallets over the next three years, Paytm Payments Bank is planning to invest $500 million.
Further, the bank has plans to add 10,000 KYC personnel to its existing workforce for boosting its target.
With this, the firm is aiming to scale up its KYC initiatives and realise the goal of becoming country’s largest KYC wallet company.
The Reserve Bank of India (RBI) has recently issued new guidelines for all Prepaid Instruments (PPI), making its mandatory for PPIs including mobile wallets to complete all KYC formalities for its users.
“This will be the most aggressive KYC expansion in the country that will act as an enabler for hundreds of underserved and unserved consumers to gain access to zero-cost payments and banking services. We are confident this will be our biggest step towards becoming India’s largest KYC-enabled wallet and bank,” said Renu Satti, Managing Director and Chief Executive Officer, Paytm Payments Bank.
The bank is rapidly expanding its KYC network and reaching every corner of the country. It is now all set to operate 100,000 banking outlets and KYC outlets in a bid to scaling up its customer acquisition initiatives.
